Morgan Stanley says Indian financials at inflection point

Singapore: India’s banking sector may witness a turnaround, after recent rule changes put banks in a better position to get their money back from insolvent companies, according to Ridham Desai, managing director at Morgan Stanley India Co. A Supreme Court ruling last week not only paved the way for ArcelorMittal’s purchase of Essar Steel India […]

UK businesses slip into deepest downturn since 2016 in Nov — flash PMIs

LONDON: British business this month suffered its deepest downturn since mid-2016 as the approach of a national election exacerbated uncertainty about Brexit, according to a survey which augured badly for the economy. The first “flash” early reading of the IHS Markit/CIPS UK Purchasing Managers’ Indexes (PMI) for Britain showed on Friday that the decline in […]

Jordan won’t impose new taxes in new 2020 budget -finance minister

AMMAN: Jordan will not impose new taxes in its proposed 2020 budget but will seek other means including a crackdown on pervasive tax evasion to help boost revenues crucial to lowering record public debt, the finance minister said on Thursday. Mohammad Al Ississ told parliament’s finance committee that maintaining “fiscal stability” remained a main concern. […]

Eurozone output ‘near-stalled’ in November: survey

BRUSSELS: The Eurozone’s economy is seen to have “near-stalled” in November after successive months of manufacturing decline, according to a closely watched survey by the firm IHS Markit. “Expectations about future output remained well below levels seen earlier in the year, reflecting heightened geopolitical uncertainty, including Brexit, trade wars and auto tariffs, plus general concerns […]